Honey, I shrunk the store!
Here is a fact. If Australian Retailers can shave 2% off their shrinkage, it can create close to 2000 jobs in Retail! This is assuming a large percentage of the savings is ploughed back into the business.
Shrinkage costs retailers down-under(Australia) a whopping AUD 7.5 billion. So imagine what a 10% savings can bring to jobs and to the bottom-line!
A significant percentage of the fraud is internal, and with the onset of omni-channel retailing, external fraud is on the rise. From a systems perspective, this is all the more challenging because Loss Prevention teams need to analyze data from two different sources, the PoS data and the online store data.
The job becomes harder when you have to sift through millions of lines of sales data and quite often the Loss Prevention Analyst or Manager becomes the key. Or you have to make sense of exception reports produced by your BI teams and notably exceptions are rarely fraud, but often a false positive.
This is where a Loss Prevention analytics software can make your job a lot easier. For starters, your investigation time is cut down, you can automate investigations, it will cut your lead time to identify fraud and improves the overall productivity of the Loss Prevention function.
Loss Prevention is becoming a key ingredient in improving Retail bottom-lines and it is fast becoming an enterprise-wide function with involvement from CXO levels all the way down to Stores.
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